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Privatizations

The Italian gas pipeline operator SNAM is going to buy the alpine Trans-Austria-Gasleitung GmbH (TAG), a pipeline running through Austria and the Alps. The price of the pipeline stretch amounts to EUR 505 million, Italian media reports. Austria’s listed oil and gas group OMV holds an 11-percent stake in TAG.

New head of the Serbian government Aleksandar Vucic has ambitious plans to reform the state and restructure state finances.

President Tomislav Nikolic appointed Aleksandar Vucic to form a new Serbian government.

Irmgard Griss, head of the investigation commission appointed by the Finance Ministry with regard to Hypo Group Alpe Adria’s nationalization, announced wanting to leave the decision about the costs with the government.

The group of foreign experts at the investigation commission for Hypo Group Alpe Adria is supposed to guarantee the required objectivity. The first results are expected to be published at the end of the year.

BayernLB, former parent company of Hypo Group Alpe Adria International, is threatening to claim damages from its former affiliate.

According to a decision in the petition committee, the online petition for the investigation of the nationlization of ailing Hypo Group Alpe Adria will be open for signing until the next committee meeting in June.

Today the opposition will call for a joint request for a parliamentary investigation committee with regard to ailing bank Hypo Group.

The online petition for the establishing of a parliamentary investigation committee will not be stopped by the Austrian government, consisting of SPÖ (Social Democrats) and ÖVP (Austrian People’s Party).

As reported by Austrian radio station Ö1, part of the Austrian Broadcasting Corporation ORF, ailing Hypo Group Alpe Adria will require € 1.1bn this year from the state.

On Thursday Finance Minister Michael Spindelegger expects a binding statement by ailing bank Hypo Group Alpe Adria about how much state aid will be required. The opposition heavily criticizes the nationalization by the Austrian state in 2009.

Even though the Austrian nationalized Hypo Group urgently needs state aids to get by bondholders will be compensated for their investments.

Today the supervisory board of ailing Hypo Group is gathering to determine the financial gap of Hypo Group and the amount required to complete the balance sheets for 2013. Moreover, a decision about the SEE network will have to be made.

Because of the high value of write-offs Bank Austria, CEE affiliate of Italian UniCredit, had to face record losses amounting to € 1.6bn. CEO Willibald Cernko, however, does not consider the bank having made any mistakes in the past.

After the EU Commission delivered a warning to Slovenia over the macroeconomic imbalances Prime Minister Alenka Bratusek announced yesterday she had expected such a report.

Franz Schellhorn, head of think tank Agenda Austria, told “Handelsblatt” in an interview that having delayed the issue of Hypo Group was a fatal mistake by the Austrian government. He points out the consequences of the disaster.